Rich Habits, Poor Habits Episode 34 | Positive mind, Abundant life

It is impossible to become rich with a negative mindset.Confused mind think thought

Negativity puts the brakes on success and wealth accumulation.

It acts like an anchor, dragging you down into the abyss of poverty and poor health.

It is virtually impossible to become wealthy without a positive mental outlook.

Why?

Tom Corley accumulated a treasure trove of studies on the benefits of positivity.

Let’s take a look at a few of those studies:

Positivity Strengthens Your Immune System

Researchers at Harvard Health found that having an optimistic attitude reduces blood pressure, prevents heart disease and increases your immune system’s ability to fight off diseases, viruses and parasites.

As one self-made millionaire from my study told me, “you can’t make money from a hospital bed”.

Good health is critical to success because without it, success is impossible.

So, good health at least gives you the ability to pursue wealth.

Positivity Increases Focus and Risk Tolerance 

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B. L. Fredrickson (1998/2001 Broaden and Build Theory) found that positive emotions increase your concentration abilities and increase your risk tolerance.

According to my Rich Habits study data, focus and risk tolerance were two common traits all self-made millionaires had.

The self-made millionaires in my study had a laser-like focus.

They were able to focus on their dreams and goals for years and even decades.

Also, these same millionaires pursued dreams and goals that required that they take enormous financial risks.

If you have a negative mindset you will avoid risk because you believe you will fail.

Those with a  positive mindset are able to take risks because they believe they will succeed.

Positivity increases Your Earnings

Diener, Nickerson, Lucas and Sandvik (2002) found that those with a positive mindset had higher incomes than those with a negative mindset.

People want to do business with people they like and those with an optimistic mindset are more likable.

Positivity Doubles Brain Powerlight bulb

In one study on negativity, two neurologists found that when you have a negative mindset your prefrontal cortex is not functioning properly.

The prefrontal cortex is the seat of decision making and creativity.

When you are negative, you literally shut down half of your brain.

Positivity Increases Life Span

Moskowitz (2003), Ostir, Markides, Black and Goodwin (2000) found that those with a positive mindset lived longer than those with a negative mindset.

Positivity Increases Life Span

Union College Psychlogy Professors Joshua Hart and Christopher Chabris found that success was correlated to individuals with a positive mindset.

 

 

Make Your Company Want to Give You More Money

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I’d like to dispel a common myth – not every self-made millionaire is an entrepreneur or business owner. Many of them made their millions working for someone else.

Thirty-nine percent of the self-made millionaires in my Rich Habits Study became rich working for some employer. Typically, these employers were large, multi-national corporations whose stock was listed on some stock exchange.

In my research, I discovered that these self-made millionaire-employees were always the first in line for raises, bonuses and promotions. Here’s why: [Read more…]

Rich Habits Poor Habits Episode 33 | 7 Shocking Differences Between Habits of Men and Women

Forty percent of the time you are on autopilot.group-464644_1920

And habits, are the reason you live on the beach in a big house or in a slum in the inner city.

Habits are why you’re able to send your kids to the best private schools or must settle for public schools.

Habits dictate your financial circumstances in life and your happiness or unhappiness.

In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that certain habits that separate men and women.

Here’s a sampling of 7 major habit differences from his research:

1. Gambling

Women gamble less than men.

Not only do fewer women gamble, but for the women who do gamble, they gamble less frequently.

2. Risk Tolerance 

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 Men have a higher risk tolerance than women.Men are by nature hardwired to be more aggressive than women.

This aggressive nature gives men a higher risk threshold.

This is a good thing and a bad thing.

A low risk tolerance is a good thing when it comes to making big purchasing decisions.

Women are more apt to study the details of a major purchase than men.

The devil is always in the details, so understanding the details can save you from making a big purchasing mistake.

3. Reading

Women read more than men.

That’s the good news.

The bad news is that women read more for entertainment.

Men, conversely, read more for learning and self-improvement.

4. Communication 

Women are better communicators than men.

In fact, the average woman speaks 7,000 words a day compared to 2,000 for men.

Good communication is a Rich Habitman-791049_1920

. Miscommunication damages relationships, businesses, negotiations and can lead to mistakes and failure.

Because women are better communicators, they are better at seeking feedback.

Feedback is critical to understanding what to do and what not to do.

Good feedback minimizes mistakes and reduces the probability of failure.

5. Creativity

Men are more creative than women.

This is physiological.

Men have a smaller corpus collosum.

The corpus collosom is the bundle of neural never fibers that separates the right hemisphere of the brain from the left.work

Recent studies on creativity have shown that those with a smaller corpus collosum are hardwired for greater creativity.

6. Organizational Skills 

Women have greater organizational skills than men.

Because they pay more attention to details and are more cautious by nature, they tend to do more planning.

This makes them better organized when it comes to facts then men.

7. Money 

Women are better at saving money.

They are more cautious with their money.

They comparison shop to get the best deals.

They look for discounts.

 

 

No-Nonsense Financial Advice From a Seasoned Financial Advisor

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My best friend, Bill King, is 11 years older than me. Like me, he’s a CPA and a CFP. When I was just starting out in my career, Bill gave me the best financial advice I ever heard. [Read more…]

Rich Habits Poor Habits Episode 32 | 4 Tricks to Forging New Habits

Good habits put you on autopilot for success. 

success risk wealth

When actions become habits, the need for motivation (external or internal) is eliminated.

You don’t need to pump yourself up to engage in a habit.

This is one of the main things that separates successful individuals from everyone else – successful people habitualize good behavior.

So, fine, but how do you actually forge a new good habit?

There are 4 tricks to forging habits:

1. Change Your Trigger

Your doctor tells you that if you want to prevent urinary track infections you must drink at least two glasses of water every day.

Wealth Retreat 2017 - Tom Corley

But you find it difficult to turn that into a habit.

You keep forgetting to drink water.

One of the shortcuts to habit change is to find an existing habit you have, good or bad, and add a new habit to it.

What other habits do you have?

List them.

One habit on your list is coffee.

Every day you drink two cups of coffee.

To forge the new habit of drinking water, simply put your coffee cup next to the sink, your water filter or the water cooler.

When you go searching for the coffee cup you will have to remember where you put it. Ah yes, by the water cooler. That coffee cup then becomes your new trigger. It will remind you to drink a glass of water.

2. Start Smallinspiration idea mindset

New habits are hard to forge.

The trick is to make the new habit so easy to perform that you will not require any willpower to get you started.

The brain does not like new habits because new habits, in the very beginning, require conscious effort.

Any conscious thinking requires the use of brain fuel (primarily oxygen and glucose).

The brain is unable to store oxygen and glucose, so it must send a message to the peripheral nervous system, which then notifies the liver to produce more glucose.

This is a pain in the neck for the brain.

So, instead, it sends back a message to you that essentially says – don’t engage in the activity.business data success

If the activity requires very little brain fuel, however, the brain will not fight you on the activity.

It doesn’t send the message – don’t engage in the activity.

As an example, let’s say that you want to begin jogging so you can lose weight and be healthy.

If you decide to run for, say 30 minutes, the brain will tell you not to.

If, however, you commit to only 10 minutes, the brain will not put up a fight.

After a few weeks of running for 10 minutes every day, the jogging habit begins to form.

Once that habit takes root, that is when you can increase the jog to 15 minutes, then 20 minutes and eventually 30 minutes.

3. Create Reminders

Most of us have computers and cell phones that have reminder systems that automatically remind you about something.

A trick to help you forge a new habit is to put it on one of your reminder systems.

Once you set the reminder task, it will go off and remind you to engage in the habit.

4. Associate With Others Who Have Your Desired Habit puzzle team

Habits are like a virus.

We adopt the habits of those within our inner social circle.

Find friends who have the habit you want to adopt, such as jogging, and ask them if you can run with them.

You new running partner will become your accountability partner.

You asked them to run with you, they said yes and now you find yourself committed to jogging with your friend.

 

 

Raising Young Adult Children to be Financial Juggernauts

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According to a study by Brown University habit study by Dr. Pressman, we pick up most of our habits from our parents. If parents are bad at managing money, their kids will be bad at managing money. When you’re bad at managing money it has a tendency to disappear. That means no savings, no retirement assets, runaway debt and a life filled with financial worries.

No parent wants their kids to grow up to struggle financially as adults. Yet, since most people do struggle financially, its clear parents have been and are failing to be financial success mentors to their kids.

Well, let’s put an end to this generational parenting malpractice.

In my award winning and bestselling book Rich Kids, I share many parent mentoring success strategies that help parents in raising their kids to succeed in life financially. Here are a few of those strategies: [Read more…]

Employees Who Become Rich Make Themselves Indispensable

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Thirty-nine percent of the self-made millionaires in my Rich Habits Study were employees. Those self-made millionaires who made their millions as an employee did one or more of the following: [Read more…]

Rich Habits Poor Habits Episode 31 | Self-Determination vs. Predetermination

In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that we adopt the beliefs of our parents, family, mentors, culture, and environment.

There are two opposing schools of thought that divide mankind.

School of Thought #1: Self-Determination Drives Life Circumstances

School of Thought #2: Predetermination Drives Life Circumstances

Those who subscribe to School of Thought #1 … Confused mind think thought

Believe we are in control of our life circumstances.

There is no one out there, no higher power, watching over us, guiding us.

Those in this school believe success, wealth, failure and poverty are manufactured.

We turn left or right, decide A or B, or do X or Y as a matter of free will, instinct or internal guidance.

In other words, the circumstances of our lives are dictated by our own decisions, our own behaviors and the choices that we make.

We, in effect, create our own destiny.

Those who subscribe to School of Thought #2… 

Believe we are not in control of our life circumstances.

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Some higher power is watching over us, determining the circumstances of our lives.

Those in this school believe success, wealth, failure and poverty are outside our control.

We turn left or right, decide A or B, or do X or Y because some force of nature acts upon us, directing us in every aspect of our lives.

In other words, the circumstances of our lives are not determined by us, but by external factors we cannot possibly control.

We, in effect, are powerless over the course of our lives.

When you subscribe to School of Thought #1 you embrace the concept that you are in control of your destiny; that you have power over the course of your life.

As a result, you develop a mindset of self-reliance.

Through hard work and personal initiative you seek to create the life you desire.

You pursue lifelong self-education, take calculated risks, seek feedback from others and carefully weigh every decision you make.

You search for mentors to help you forge good habits that put you on the right path.

When you subscribe to School of Thought #2 you embrace the concept that your destiny is predetermined; that you are powerless over the course of your life.

As a result, you feel you are not in control of your life. light bulb idea leader think smart clever failure motivate thought

You are a mere victim of the luck of the draw.

Because you feel you are not in control of your life, you do very little to affect the circumstances of your life.

You float along in life like a leaf on a fall day, carried by the wind.

Which are you?

Something to think about.

YOU MAY ALSO BE INTERESTED IN VIEWING:

RICH HABITS, POOR HABITS EPISODE 30 | WILL YOUR CHILD BE RICH OR POOR? PART 2

RICH HABITS, POOR HABITS EPISODE 29 | WILL YOUR CHILD BE RICH OR POOR? PART 1

RICH HABITS POOR HABITS EPISODE 28 | WHAT IS THE VALUE OF A MENTOR?

RICH HABITS POOR HABITS EPISODE 27 | YOU SIMPLY CANNOT THINK YOUR WAY TO SUCCESS

 

 

 

A Father’s Day Letter to His Children on Living Happy, Successful Lives

Dear Kids:

It’s Father’s Day. Usually I’m the one getting the cards and letters from you guys but I thought I’d turn the tables & send each of you a letter instead, as my days of parenting are coming to an end. All of you are fast becoming adults. I want you to know I loved every minute being your dad. Each of you has given your mom and I so much joy, happiness and laughter. I would gladly do it all over again but time marches on. How we spend that time determines if we have happy, successful lives or unhappy, poor lives and that is why I am writing this letter to each of you. I want each of you to have happy, successful lives. But happiness and success just don’t happen. You need to create happiness and success by doing specific things. Here’s a list of some of those things that will help put you on the track towards happiness and success: [Read more…]

Rich habits, Poor habits Episode 30 | Will Your Child be Rich or Poor? Part 2

In Tom Corley’s five-year Rich Habits study of 233 rich people and 128 poor people he discovered that we adopt the beliefs of our parents, family, mentors, culture, and environment.

The best parents teach their children good habits that lead to success and the worst parents teach their kids bad habits that lead to poverty.

We don’t have a wealth gap in this country we have a parent gap.

We don’t have income inequality, we have parent inequality.

Parents and our schools need to work together to instill good daily success habits.

They need to be teaching children specific Rich Habits that lead to success.

Here are some examples:

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  • Limit TV, social media, video games and cell phone use to no more than one hour a day.
  • Require that children read one non-fiction book a week and write a one page summary of what they learned for their parents to review.
  • Require children to aerobically exercise 20 – 30 minutes a day.
  •  Limit junk food to no more than 300 calories a day.
  • Teach children to dream and to pursue their dreams. Have them write a script of their ideal, future life.
  • Require that children set monthly, annual and long-term goals.
  • Require working age children to work or volunteer at least ten hours a week.
  • Require that children save at least 25% of their earnings or the monetary gifts they receive.
  • Teach children the importance of calling family, friends, teachers, coaches, etc, on their birthday
  • Teach children the importance of calling family, friends, teachers, coaches, etc. when anything good or bad happens in their lives. Examples include births, deaths, awards, illnesses, etc.
  • Teach children to send thank you cards to individuals who helped them in any way.
  • Reassure children that mistakes are good and not bad. Children need to understand that the very foundation of success is built upon the lessons we learn from our mistakes. child children money learn teach rich poor lesson family budget
  • Discipline children when they lose their temper so they understand the consequence of not controlling this very costly emotion. Anger is the most costly emotion. It gets people fired, divorced and destroys relationships.
  • Teach children that the pursuit of financial success is a good thing.
  • Children need to learn how to manage money. Open up a checking account or savings account for children and force them to use their savings to buy the things they want. This teaches children that they are not entitled to anything. It teaches them that they have to work for the things they want in life, like cell phones, computers, fashionable clothes, video games, etc.
  • Require children to participate in at least one non-sports-related extracurricular group at school or outside of school.
  • Parents and children need to set aside at least an hour a day to talk to one another. Not on Facebook, not on the cell phone, but face to face. The only quality time is quantity time.
  • Teach children how to manage their time. Teach them how to create a daily “to do” list.

They can put their “to-do” list on their bedroom door so parents can check it each day.

Obviously, it is not possible to follow every Rich Habit recommendation listed above.

From Tom’s research, he learned that all it takes is one or two Rich Habits to completely transform a life. parent money family

The reading habit, on its own, can set your children up for career success.

The savings habit, on its own, can set your children up to be financially independent.

The exercise habit, on its own, can set your children up for a long, healthy life.

The happy birthday or life event calls, on their own, can set your children up to forge strong relationships.

Pick just two habits to teach you kids and stay on top of them for six months.

After six months the habits should stick.

YOU MAY ALSO BE INTERESTED IN VIEWING:

RICH HABITS, POOR HABITS EPISODE 29 | WILL YOUR CHILD BE RICH OR POOR? PART 1

RICH HABITS POOR HABITS EPISODE 28 | WHAT IS THE VALUE OF A MENTOR?

RICH HABITS POOR HABITS EPISODE 27 | YOU SIMPLY CANNOT THINK YOUR WAY TO SUCCESS

RICH HABITS POOR HABITS EPISODE 26 | MYTHS ABOUT THE WEALTHY PART 2